7/11: MetroIntelligence Economic Update by P. DUFFY

June job openings fell 0.7 percent, still 1.4 million more than the officially unemployed

Job openings fell 0.7 percent in June to 7.3 million, for about 1.4 million more unfilled jobs than the 5.9 million persons unemployed for that month. The manufacturing sector alone accounted for over 500,000 of unfilled jobs, making it more challenging to bring those types of overseas jobs back to the U.S. At the same time, new hires fell 4.4 percent, separations fell 3.4 percent and the quits rate fell 2.6 percent.

In May, consumer credit increased at a seasonally adjusted annual rate of 5 percent. Revolving credit increased at an annual rate of 8.25 percent, while nonrevolving credit increased at an annual rate of 4.0 percent. By comparison, annual wage growth in May was 3.1 percent.